The Board Fault Line and Corporate M&A:The Research Based on Categorization-Elaboration Model
This paper investigates the influence of relationship-related faultline and task-related fault-line of board on corporate M&A decision-making and M&A performance based on the categorization-e-laboration model from the perspective of sub-group of the board.We choose Shanghai and Shenzhen A-share listed companies from 2008 to 2019 as samples and find that:(1)The stronger the relationship-relat-ed faultline of board,the lower the possibility of M&A;The stronger the task-related faultline of board,the higher the possibility of M&A.(2)The stronger the relationship-related faultline of board,the worse the M&A performance of enterprises;The stronger the task-related faultline of board,the better the M&A performance of enterprises.(3)The average tenure of board members can weaken the negative impact of the relationship-related faultline of board on M&A decision-making and M&A performance,and enhance the positive impact of the task-related faultline of board on M&A decision-making and M&A performance(4)The degree of industry competition can weaken the negative impact of the relationship-related faultline of board on M&A decision-making and M&A performance,and enhance the positive impact of the task-related faultline of board on M&A decision-making and M&A performance.
subgroup of boardboard faultlineCategorization-Elaboration ModelM&A
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